Reverse Mortgage Calculator (Jan 2022)
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How Much Cash Can You Release With a Reverse Mortgage?
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Try our reverse mortgage calculator to discover how much cash could be tied into your property!
If you don’t look into this now, you could end up in a position where you have lost out on an incredible retirement opportunity.
We’re here to help you discover:
• What’s a reverse mortgage.
• If a reverse mortgage differs from a lifetime mortgage.
• How to use a reverse mortgage calculator.
• Why you should use a reverse mortgage calculator.
As leaders in the field of retirement lending, we’re constantly keeping you up to date with the latest terms and ideas.
Are you ready to discover the truth behind our reverse mortgage calculator? Find out now!
What’s a Reverse Mortgage?
Learn More: What’s a Reverse Mortgage?
How Do Reverse Mortgages Work?
How does a reverse mortgage work? your home serves as a security against your loan. Therefore, the value of your property is the most important consideration of your lender. The loan, plus interest, is repaid from the sale of your home when you die or enter long-term care. You can unlock cash in a drawdown, lump sum, or a combination of the 2.
How Do You Use A Reverse Mortgage Calculator?
You use a reverse mortgage calculator by inputting your age, the value of your property, and a few additional basic details. The whole process takes just 8 seconds. Your estimate will then be sent to you via email.
Is a Reverse Mortgage for Pensioners?
Are reverse mortgages only for pensioners? No, they are for any homeowners who are aged 55 and older, whether retired or not.
Who Qualifies for a Reverse Mortgage?
You can qualify for a reverse mortgage if you own your home in the UK that’s valued at least at £70,000, you have a small mortgage, and you’re aged 55 or older.
You could qualify for a reverse mortgage if:
• You own your home.
• The youngest homeowner is over 55.
• Your property value is a minimum of £70,000.
• Your property is located in the UK.
• You have a small mortgage, or the house is fully paid off.
If you have an estimated value of your property, try our reverse mortgage calculator to see how much you could be eligible to release.You
Got Questions? Check These First
How Much Money Do You Get From A Reverse Mortgage?
Well, the amount of capital you can unlock from a reverse mortgage depends on the amount of home equity you have available. According to various experts, you can’t use more than 80% of your estate’s equity based on it’s appraised value. Moreover, the maximum amount anyone can get from a reverse mortgage is approximately $680,000.
What's the Downside of A Reverse Mortgage?
There are various downsides to taking out a reverse mortgage. Some of these drawbacks include:
- It reduces the amount of equity your family will receive as an inheritance
- It affects you need-based government aid like the Social Security Income (SSI)
- You might be forced to pay up the loan if you don’t keep up with the title fees, estate taxes, homeowner’s insurance and association fees, plus the location preservation
How Does A Reverse Mortgage Calculator Work?
Well to figure out how much you can release from the reverse mortgage plan, you’ll have to sue the reverse mortgage calculator which requires you to input:
- Your home’s estimated value
- Your age – you have to be aged 62 and above
- Any existing mortgage balance
What Percentage of Equity Can You Get On A Reverse Mortgage?
Well, based on research, you can take about 60% of your home’s equity in a reverse mortgage. There must, however, be enough left over to cater to the closing costs which are usually due in advance and can run as much as 5% of your estate’s value.
A reverse mortgage is a fantastic way to supplement your retirement income or fund a dream you’ve always wanted to fulfill.
In addition, being aware of the fact that a lifetime mortgage and reverse mortgage are pretty much the same thing will help you have a more extensive understanding of the industry.
While your final loan offered will be subject to a brand-new evaluation and the condition of your estate, our reverse mortgage calculator, is the perfect first step towards unlocking a financially stress-free life.
Spend just 8 seconds, and your results will be emailed to you. From there, contact an independent financial adviser who will guide you on your reverse mortgage journey. You’ve got endless support at your fingertips in Jan 2022!
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
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Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.